ACWA Power Khalladi has confirmed final orders to suppliers and contractors for the construction of its Wind Power Project in the North of Morocco, following all conditions precedent for its landmark project financing being satisfied.
ACWA Power Khalladi (formerly known as UPC Renewables) is 75% owned by ACWA Power – a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants, and 25% owned by the ARIF Investment Fund.
This 120 MW Wind Power farm, located in Jbel Sendouq – Khalladi in the north of Morocco, is the first project to be developed by ACWA Power and ARIF under the Moroccan Renewable Energy Law (13-09).
Once operational, the Khalladi project will directly supply the industrial clients connected to the high voltage network. The project, under construction since November 2015 and representing a global investment of 1.7 billion dirhams (US$ 173 million), will result in greenhouse gas reductions of over 200,000 tons of CO2 per year once operational.
This project confirms the commitment of ACWA Power and its partner ARIF to the Moroccan National Renewable Energy Strategy/Wind Power plan aiming for 2,000 MW Wind Power capacity by 2020, representing 14% of the national installed capacity. It will support industrial integration and create job opportunities in the Kingdom with approximately 300 workers during the construction peak period.
Rajit Nanda, Chief Investment Officer, ACWA Power said:
“This new wind energy project reinforces our positioning as a major player in the country’s renewable energy sector. Our investment in Morocco is for the long run and with our partner ARIF we will be contributing even further to the transformation of the energy sector Morocco is undergoing in alignment with its national strategy.”
Abdellatif Nasserdine, Managing Director of Infra Invest, stated:
“We are proud to achieve a major milestone toward the completion of the project thanks to the strong commitment of our partner ACWA Power and to the joint efforts of all the project stakeholders”